Binance Co-CEO: Complete proof of reserves will be released by Monday at the latest, aiming to restore withdrawals within 40 hours

Binance Co-CEO Richard Teng stated that Binance has reserved over $6.34 billion in company funds to compensate for the stolen assets, of which $5 billion is held in affected tokens, including USDC, USDT, BTC, ETH, and BNB. The remaining portion is being purchased through market and over-the-counter channels. He reiterated that the affected wallets are Binance's own hot wallets, and customer funds have not been used; the vast majority of user assets are stored in cold wallets.

Regarding the details of the attack, Teng mentioned that this attack was not the work of a single individual and that the methods used were complex. Preliminary investigations pointed to an infected laptop, and subsequent investigations uncovered other points of breach. The attackers employed a self-destruct mechanism, destroying tools and traces while attacking, which increased the difficulty of tracking. The attackers also exploited the known EIP-7702 protocol to gain on-chain execution authorization for the hot wallet, which had not gone through Binance's normal approval controls. As a result, Binance suspended withdrawal services to investigate, rebuild, and retest the entire infrastructure.

In terms of follow-up arrangements, Binance is rebuilding the withdrawal service and will only re-enable it after strict testing, aiming to restore withdrawals before the Sunday deadline in approximately 40 hours. Binance is also conducting a comprehensive security review of terminals, cloud platforms, key management, and signatures. Binance plans to release a complete proof of reserves (PoR) report by Monday at the latest and hopes to provide preliminary results before that. Additionally, Binance is collaborating with law enforcement, blockchain intelligence companies, token issuers, and other exchanges to track, freeze, and recover the stolen funds.